The FCA is to overtake its Agency Reference Numbers (FRNs) after revealing that it could run out of the six digit numbers in 2023.

All authorised companies are required to have an FRN, a singular identifier.

FRNs are at present composed of six digits however the variety of these distinctive numbers is near working out as so many have been used.

Practically 1m six digit FRNs have been used.

The FCA stated this week it will transfer to seven digit FRNs, from the present six digit numbers, to allow a bigger variety of numbers for use.

The regulator stated the change would apply solely to newly authorised companies. Current companies will retain their six digit FRNs.

The brand new seven digit FRNs would apply after the six digit FRNs are exhausted.

The FCA stated the change would apply to each six-digit Agency reference Numbers (FRNs) and six-digit Product Reference Numbers (PRNs) which assist to uniquely establish funds. 

The FCA stated: “We’re prone to attain the six-digit restrict (999999) throughout 2023, given the amount of purposes and notifications we obtain.

“We’re planning a transfer to seven-digit FRNs and PRNs for all newly registered companies and funds. Corporations which have beforehand been allotted a six-digit FRN or PRN will preserve that quantity. They received’t change. Seven-digit numbers will begin to be allotted for brand new purposes and notifications as soon as our six-digit vary is exhausted.

“We haven’t fastened a date for when it will occur however we’re on monitor to make the mandatory modifications to our inner techniques in good time.”

The watchdog says that an software for authorisation can take as much as six months if the appliance is full however may take as much as 12 months if the appliance isn’t full. All companies should pay an software charge.

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